Different account types


#1

Would you ever consider charging for a current account that offers premium features? Such as phone insurance, holiday insurance etc? I still pay £10 per month for my Flex Plus account with Nationwide, as it offers such a great benefits.


Premium Features?
Optional extras
Premium Features?
#2

That’ll be £13 per month soon, with reduced benefits.


#3

Well that’s rubbish!


#4

They’ve removed a few things and some improved to be fair. But the price increase on account I won’t really use anymore. I’ll need to think about it.


#5

Nationwide, the building society for its customers. Upping the monthly fee will increase their profit I suspect. They make loads and still are greedy at the expense of their customers (I’m an ex customer!).

I’ve never bothered with packaged accounts really. I’m happy with the way Starling are going. Free overseas will suit me in years to come. As long as Starling keep a fee free account I’ll be happy!!


#6

With you on that. The way things are shaping, we’ll have a mobile account which will be so feature-rich that it won’t need to bolt bits on. And foreign currency at Mastercard rates is a bonus for me.

(Oh, and I was a Nationwide customer for 15 years :stuck_out_tongue_winking_eye:).


#7

I personally used the worldwide travel insurance etc quite frequently, so it was a great account for me.


#8

And at its best, that made for a cracking perk. But if the cost is going up…sad.

Trouble us, I guess, this journey we’re on now has me thinking very differently about the whole banking thing.

Incidentally, just noticed the bun-fight is starting about who gets to try the current account first over at Monzo. I nearly lost the will to live when the investing-round started a few months back. I’m well pleased to be where I am now :+1:.


#9

I’m lucky, my Wife steadfastly refuses to move from Nationwide which is fine with me, as a concession to her I ‘let’ her keep our joint account there, which is essentially just a bills account for me. So I still benefit from the free travel insurance, but don’t have to suffer their ‘all for the customer’ rubbish while making £100’s millions a year in profit whilst they pay poor interest rates.

I too was looking at Monzo a while back, but after the chaos with the crowd funding and lack of any idea on when exactly their full current account would be ready I moved to the A Team at Starling who have managed to get a full account up and running before them. They still have some good features in their app, but it’s still in pre paid mode, how yesterday! They want to check out Starling with a full account to see how it’s done!!!

Go Starling.


#10

Yeah. I’ve kept my Santander account open purely because of the credit interest they pay (although it recently halved). I’ll be watching keenly the difference between them and Starling (be great to have everything in one place).

You’re right also, that there’s been a lot of chatter within the Monzo community about its current account but with few exceptions, there’s little concession to the progress Starling has made.

There was a time when I was hedging my bets - jump ship to Monzo when they finally roll out their account. Well that shop has sailed !

Being part of this community and a fully paid-up Starling account holder is exciting stuff - onward and upward…


#11

I joined Monzo what seems like an age ago. There was early initial promise, with they were nearly there, then launching ‘later’ this year etc etc, however nothing seemed to actually come to fruition.

Starling at first were the poor relation on the Monzo site, but they’re eating their words now. Starling have leapfrogged Monzo and are striding ahead. I read Monzo’s forum last night with what they expect to launch with, and it’s nothing more than Starling have already, with a few plus and minuses for each. Monzo intend launching without direct debits, or so it mentions with what they know so far! A bank account without direct debits? Also there is still no launch date, just soon, and gradually.

Their app to be fair is marginally better in places, but nothing that makes me want to join them now. There are plus and minuses for both. Hopefully Starling are working on an update soon with some new features.

As you say, Monzo boat has sailed. I’m with Starling all the way. Just a few minor tweaks to Starling and I’ll be switching. It’s just annoying omitted features in Starling that stops me such as not saving references for bill payments, I pay my credit card as I go so I pay a few times a month, but having to have my card present for the reference number is a pain. The outrage thing is a bit of a pain, Monzo will be going in house with this I think when they launch (having said that there’s nothing to say that’ll be 100% either!)

Starling is all good so far, and it’s still in beta, not that you would know. Keep up the good work, look forward to some new features.


#12

I’ve switched access to starling fully now with wages paid in and all my dds. I have taken monzo and loadwd this whilst away in Spain at moment. I have used my starling card once so far there.


#13

Maybe instead of a packaged current account, starling could “work out a deal” with insurance companies for mobile or travel insurance, and then somehow through the open API (i hope i got that right) could apply for these benefits through the app? Then people could pick and choose what they would like.

Got my letter from Nationwide about the upping of monthly fee, annoying, but i think its still cheaper than getting them all individually.


#14

That’s one of the best things about Starling, free overseas spend and ATM!!

Enjoy Spain!


#15

Maybe not directly with Starling but I guess with the launch of Marketplace soon there may be some partnerships with insurance companies that you can manage through that - not quite the premium account but still managed within the realms of Starling and its Marketplace.

Nice suggestion though i’m only using Nationwide with it’s 5% 12 month ISA just now and a joint account with the other half.


#16

Ha ha, screw Nationwide for what you can!

I have their cash back credit card, so they pay me for whatever I spend. That’ll do me.

Hopefully the partnership Starling have with Tail spreads outside of London, that gives cash back at various places. Fingers crossed.


#17

I moved from the Nationwide FlexPlus to Starling in May doing a partial switch via the Current Account Switching Service. I kept my FlexPlus open just for the travel, home and european car breakdown, and mobile phone insurances, for a tenner a month (and as mentioned - soon to be £13). I have a standing order to Nationwide to cover that monthly fee, and the rest of the month FlexPlus has a zero balance. I guess some may argue that’s not very sporting, but I just cannot buy all those insurances separately for anything close to £120/year (or even £156 after September).


#18

Use and abuse, why not. They’re still making money otherwise they’d not offer it.

I think money savvy people do do that, being with one provider for all is usually not the best value. I’ve still got my Amex and Nationwide cash back cards and take them for their free money/cash back on my spending. That gives me about £100 a year for nothing.

My bank account is used mainly for paying off those bills and will now be used when overseas on my holiday as it’s free to spend. My Nationwide credit card will double as a backup for Starling abroad.

Now if Starling were to do cashback then that would be perfect. I understand they can’t, so I cram as much as I can on my Amex.


#19

Really interesting to hear how we’re using the system. Definite trend here towards making Starling the current account with all that goes with that, and taking the benefits of what’s left of their legacy accounts.

Don’t feel too guilty, Rob. The old bank has already factored in this behaviour :smile:


#20

These are all value added (paid) services. I’m happy to not pay for services, but a decent (hassle free) current account is what I’m after and have found that in Starling.

So everyone is a winner. Hopefully the partners that Starling attract to the new Marketplace might help retain all of this within Starling. I’m looking for a regular savings account.